Despite the continuing great summer weather people have been enjoying, area real estate sales did not take a holiday either in July or August.
MLS® unit sales reported by the Georgian Triangle Association of REALTORS® (GTAR) in August was 17% higher than in August 2011 with a total of 200 properties sold. Dollar revenue for the month was up 25% totaling $60.1 million compared to $48.0 million last year stemming from increased sales activity in the upper price
MLS® unit sales for the year through the end of August totals 1,352 properties, up 10% from the 1,234 properties that sold in the first 8 months of 2011. Dollar revenue for the year is $397.2 million, a 9% increase from one year ago.
In June we experienced a 20% drop in MLS® dollar volume from a year earlier leading to speculation about the market moving forward. Often, real estate activity softens in the summer months with buyers preoccupied with family vacations and other activities. Such has not been the case as combined sales revenue for July and August this year is up 22% from 2011. One month does not make for a “trend” although swings such as this does perhaps indicate how fickle and or unpredictable business can be in these uncertain economic times.
The number of new MLS® listings posted in August dropped 5% from one year ago. Year-to-date there have been 4,787 new MLS® listings in 2012 versus 2011 resulting in a modest year-over-year increase of just 4% compared to the 10% increase in unit sales. This is very much in keeping with the widespread prediction that market conditions will remain stable moving forward as we continue to move towards a more balanced ratio of available housing inventory versus sales.
In my next posting I will review sales activity in the various municipalities that make up our market area.
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